The new policy on PPI of the Financial Services Authority (FSA) has been barely a week and is already receiving heavy criticism from the industry.
The last comment is a financial services partner at Beachcroft LLP, Dan Preddy, who had a particular problem with the application of rules for sales made before mediation PPI regulated by the FSA general insurance. Mr Preddy said: "There will be a deep disappointment at the retrospective rules for sales made before the general insurance intermediary, regulated by the FSA."
Overall, the changes are intended to prevent more harm from mis-sold PPI and paying back the PPI insurance will cost the industry between £ 2 billion to 4 billion pounds. The FSA acknowledges that if done correctly there will be victims of 5-10% and provides that some general insurance intermediaries will fail because of the refunds.
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